House Of Reps To Investigate TETFUND's N2.3trn Education Tax Fund
The Tertiary Education Trust Fund (TETFund) will be subjected to an investigation by the House of Representatives regarding the alleged misuse of N2.3 trillion in tertiary education tax from 2011 to 2013. During a plenary session on Tuesday, a resolution was passed after the motion was co-sponsored by Olusola Fatoba, David Fouh, and Zakari Nyanpa.
During the motion presentation, Fatoba, the primary sponsor, highlighted that since the establishment of TETFund in 2011, the fund has generated revenue in trillions of naira. He accused the fund of engaging in numerous financial abuses, such as improper handling of contracts and project execution.
Fatoba stated that the fund lacks a proper supervision platform for projects carried out in tertiary institutions. Disbursement of funds occurs without proper tracking, and payments are made even when contractors fail to achieve the required milestones.
According to Fatoba, these actions, inactions, and violations have led to the misappropriation of approximately N2.3 trillion. He emphasized that if the allegations are not promptly investigated, the deterioration of the tertiary education system will persist. This would result in academic strikes, substandard institutions, lack of confidence in the system, emigration of talented youths, and the eventual collapse of the education system.
The motion was adopted through a voice vote conducted by the speaker, Tajudeen Abbas. To conduct a thorough investigation, an ad hoc committee was established by the House, and they are expected to present their findings within four weeks for further legislative action.
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